Crossing Continents: A History of Standard Chartered Bank

The City of London's overseas banks financed the British Empire's global trade for almost a hundred years, including the Standard Bank of South Africa and the Chartered Bank of India, Australia, and China. This book traces their stories, their glory days before 1914, and their survival in the face of global wars and the collapse of world trade in the first half of the twentieth century. Standard Chartered merged with the Chartered in 1969 but faced challenges such as fading fortunes and radical changes in the nature of banking. By the late 1980s, it was on the brink of collapse but survived and then pulled off a dramatic recovery by aligning itself with the growth of Asia's emerging markets.

\n Format: Hardback
\n Length: 944 pages
\n Publication date: 13 May 2021
\n Publisher: Penguin Books Ltd
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For nearly a century, from the 1860s, the City of London's overseas banks played a pivotal role in financing the global trade that formed the foundation of the British Empire. Among these pioneering institutions, two stood out from the beginning: the Standard Bank of South Africa, which quickly established a formidable domestic presence at the Cape, and the Chartered Bank of India, Australia, and China. This captivating book delves into the histories of these two banks during the nineteenth century, highlighting their prosperous era before 1914 and their remarkable resilience in the face of global conflicts and the collapse of world trade in the first half of the twentieth century.

However, the aftermath of World War II and the unraveling of the Empire brought about a new era for Britain's overseas banks. The Standard and the Chartered, concerned about the growing dominance of American banking, decided to merge in 1969 in an effort to preserve the finest traditions of the City's overseas operations. Yet, Standard Chartered faced significant challenges right from the start. Its inherited franchise, particularly in Asia and Africa, had suffered significant damage, and the banking industry was undergoing a radical transformation. The British managers, steeped in the past, struggled to adapt to these changing circumstances.

By the late 1980s, themerged Group found itself on the brink of collapse as efforts to expand in Europe and the United States proved unsuccessful. Yet, against all odds, Standard Chartered managed to survive and embark on a remarkable recovery. Recognizing the immense growth potential of Asia's emerging markets, many of which had once thrived under the Chartered's influence a century earlier, the bank underwent a strategic realignment. It significantly expanded its workforce, enabling it to capitalize on the opportunities presented by these rapidly developing regions.

In the aftermath of the global financial crisis of 2008, Standard Chartered emerged stronger than ever before. By 2012, the bank had achieved a decade of astonishing growth, solidifying its position as a major player in the global financial landscape. Recent events have added an intriguing chapter to its long and captivating history.

As the world continues to evolve, Standard Chartered remains committed to its mission of connecting people, businesses, and communities around the world. With its global network of offices and partnerships, the bank continues to play a vital role in driving economic growth, promoting financial inclusion, and fostering sustainable development.

In conclusion, the story of Standard Chartered is a testament to the resilience and adaptability of banks in the face of adversity. From its humble beginnings in the nineteenth century to its dramatic recovery in the late twentieth and early twenty-first centuries, the bank has demonstrated an unwavering commitment to its clients, employees, and the communities it serves. As it looks ahead to the future, Standard Chartered is well-positioned to continue its journey of growth and innovation, shaping the future of banking for generations to come.

\n Weight: 1272g\n
Dimension: 163 x 370 x 48 (mm)\n
ISBN-13: 9780241458730\n \n